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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (April 28, 1901)
THE OMAHA DAILY J3EE: SVSDAY, APRIL 2S, 1901. The Bee Century Club to Close How to Obtain Particulars Simply tear off Corner Coupon above, sign your name, forward to The Bee and we'll tell you all about it free of cost. Name Occupation Address Please forward without extra charge specimon book of sam ple pages and maps of The Century Dictionary and Cyclopedia and Atlas There are not manv "deciding: days leftviust how many V together with full & i i days that means, we can hardly tell, but judging from the iiv crease in membershio during last week, we will say, be on the safe side and act at once if you wish to save half the cost on a set of particulars of The Bee's limited offer. The Dictionary and. (B-G) aV Particulars of The Bee's Century Club Offer As a piece of newspaper enterprise The Bee arranged with The Century Co, for a limited edition of this great reference library at about onchalf what the work sells for in single sets The Bee charges a very small club fee for expenses, In all, you pay about half the regular pricewonly a small payment down and the balance in tri' fling monthly portions, The complete set is delivered to you at once, The payments are made by mail so there are no bothersome collections, It has proved a genuinely good offer and the club has filled rapidly, We might have made a similar offer on 1,000 pianos, but this time its the greatest library in the world, Particulars sent free to anybody, anywhere, as long as the sets hold out, THE OMAHA BEE t-' ! fa 1 CO-OPERATIVE HOME BUILDING RctUw of the Tnth Annual ConTgntion of the Nebraska State League. CONDITIONS IN LOCAL ASSOCIATION CIRCLES An Abuudnnce of Money ForcliiB a He luctlou of IlntiM to llurrunetk UulcU Artt l.t'Knl ucn tlona mill Other Mutter. The tenth annual meeting of the Ne braska League of Local Uultdlng and Loan associations, held at Llncolu last week. furnished an Instructive showing of the financial condition of the. state. Delegates were present from a dozen cities and the common plaint of all was un abundance of money and limited demand. Keen competi tion prevails among loaning agencies, res pective borrowers are eagerly sought, and Interest rates have been cut to figures heretofore unheard of west of the Missouri. This plethoric condition of the money mar ket, and the rivalry it provokes, affect build ing and loan associations because of the lack of flexibility In their loaning rate, and their inability to reduce rates to new borrowers without llko reduction on existing contracts. Some associations strive to Eolvo the problem by restricting the Issue of now shares, others by refusing share to Investors; still others keep their bal ances down by forced withdrawals of free shares. All seemed averse to taking the bull by the horns and reducing Interest rates. The meeting of the league was the mo3t Interesting of its history because pros perous times brought home to association managers Important questions requiring extended discussion, explanation, and Inter change of experiences. Only four formal papers were read, the remainder of the ses sion being devoted to discussion of local conditions. These discussions arc exceed ingly valuablo to association wen. They bring new ideas to the fore; remove ob stacles In the path of new associations; solve many questions that perplex indi viduals, and serve to educate participants In the sound principle governing co-opera tive associations. "It is not merely In dollars and cents," said President Bentley, "nor in statistics or any kind whatever that the highest and best work of the league Is to be measured. Far more to the credit of this league than mere material prosperity Is tho success that has resulted from its efforts in the clarification of our Ideas In regard to bulldlug associations, In the search for and study of equltahlo methods of organization and advantageous methods of conducting business. Besides the educational advantages that we our selves have derived from tho membership of the league, wo have had the satisfaction of disseminating, with no small degree of uccess, correct views on these topics that ' wo hold to be to essential, not only to the welfare of building associations, but to the welfare of the communities In which th'cy aro located." lu If U Aurli, The question of "quick assets," which Is being widely discussed In the east, called out, n variety ct opinion. In his report of the proceedings of the United States league, held at New Orleans last Feb ruary, T. J. Fltztnorrls detailed the senti ments expressed at that convention, which were strongly averse to the proposed inno vation. I3y qulqk assets is meant the in vestment of the surplus moneys of associ ations In bonds, warrants and like securi ties of high character, which could be converted Into cash as soon as the demand for loans Increased, "In considering the question of quick assets in its broader phase." said Mr Kltzmorrls. "the fact must . not bo forgotten that building and loan I associations are favored and fostered by j law to assist their members in procuring homes. For that purpose they were founded; for that reason they were given privileges and exemptions by the state. When they are converted Into mere money making societies for investors by obliging borrowers to pay all the trafllc will bear, they become Instruments of oppression to those they were designed to benefit, and grossly violate the beneficent Intent of fostering laws. If we add to the systems now in vogue the purchase and sale of bonds, warrants or like securities under the mistaken belief that such Investment will keep up the profits of Investors, it does not require the gifts of a prophet to fore see more losses than gains." President Bentley expressed the opinion that an amendment to the state law would be necessary before associations could In dulge In quick assets, and If such an amendment was sought there is no telling how far the wedge would be driven. Still he favored continued effort to secure con servative modification of tho law to allow associations more freedom. P. L. Hall, former secretary of tho State Banking board, now a Uncoln banker, and C. F. Gllmore of Omaha, regarded quick assets as a desirable feature of association busi ness, as such investment would absorb surplus cash during those periods of ea.h year when building operations are slack. The legal obnaclen to Its adoption In Ne braska, however, rendered the discussion somewhat futile, but it served to show the trend of association thought. Trend nt tlic Time. In the five-hour discussion of Interest rates mau Interesting opinions were ex pressed and every phase of the question dissected. President Bentley called atten tion to a historic coincidence, bearing -u present financial conditions. During tho eighteenth century, he said, the British government undertook to refund the public debt at a lower rato of interest. The ru duction amounted to 2 per cent. This ut into the incomes of thousands of people Immediately they sought more lucrative tn vestments for their money, and the result was the floating of stocks and bonds nt wildcat character and an era of specula tlon with the Inevitable disaster. He pro tested against being classed as a pessimist. I yet present conditions In the United States closely paralleled that of Great Britain In tho eighteenth century. There is the fund ing of the government debt, followed by widespread speculative fever and unex ampled Inflation of securities. P. L. Hall another banker, expressed a similar line tf thought. In his opinion the present abunO once in the money market would not long continue. A reaction from the speculative mania was as certain as that day followed night, we are loaning money to foreUn governments and contributing means to ,-e Uevo tho financial stress in Germany and England. Already there are signs of tightening money market, which in time will make Itself felt In the west. He thought It prudent for associations to so slow and not make radical reductions in Interest rates. KfTei't of Intrret lleilurtlon. The effect of a reduction of Interest on existing contracts was explained In Its legal and material aspects. It was pointed out that associations, being mutual, all members must be on an equality, Jf a re duction Is made It must apply to all. ThU was admitted to be the basic principle of a mutual association. Yet several delega'es combated the Idee of applying a reduction to existing contracts, but were obliged to admit that a borrower could pay off his loan and borrow at the new rate. It wo'iU be far better for the asoclatlons to apply the reduction to all contracts than to oblige borrowers to demand their rights under the bylaws. ! The legal phases of a change In lnterit 1 rates received considerable attention, if new mortgages were necessary the change involved considerable expense and labor. It meant also a considerable reduction In is soclatlon assets. Every mortgage rewrit ten would be for the amount of tho prin cipal found due at the time, and as bor rowers pay a part of the principle weekly or monthly, it will be seen that there would be a material falling off in tho principal, which, added to tho reduced interest rate. would mako a severe cut In the earnings and hit tho Investors below the belt. The belief prevailed that tho chance could lio effected by a signed agreement between borrowers and associations, and that phase of the question was turned over to asso ciation lawyers. That some reduction mut be made was generally admitted, but the amount ann tho manner must be deter mined by the environment of each association. Mmnllfy tlir Method. Mr. P. H. Hall urged the associations to simplify their business methods so that the people at large can readily comprehend them. "It Is no longer necessary," he said, "to cover up a high rate of Interest with premiums, membership fees. etc. Pre miums should be abolished entirely, as should membership fees. Let the rate of Interest to be paid by the borrower be fairly and frankly stated. Abolish entirely the payment of Interest on stock. Let the principle of mutality reign supreme and each shareholder share In the earnings of an association according to the amount in vested and the time which It is in vested. 'I feel at this time." cont nutd Mr. Hall, "like raising a warning voice to building and loan people of this state by calling attention to the fact that we ap pear to be on tho eve of another era of expansion of values, such as characterized the period embraced between the years 1SS 7 and ISM. And it behooves the build ing and loan reople of this state to guard well their trust and not permit funds of their associations to be loaned upon values fixed by real estate speculators or the gambler In futures. While as yet In this state property values have not rlacn above a normal basis, yet with continued good crops nnd increased redundancy of money the wild fever of speculation may sud denly break forth. A building and loan association, construed as It Is. can defy drouths and panics tf It Is properly pro tccted during periods of expansion and speculation. Carried through the latter periods with judgment and discretion an association will stand like a rock when other financial Institutions sink in despair." Court Declnloiis. In an exhaustive summary of court de cisions affecting building and loan associ ations throughout the country. C. F. Gil more of Omaha called attention to questions determined by Nebraska courts, and those that are pending. In 1S59 the state supreme court held that In an action of foreclosure by a foreign association tho rate of Interest which It may contract for and which It may collect Is not regulated by the building and loan association law of ISM. that law being applicable only to domestic as soclatlons. With respect to Interest, they are governed by chapter U of the compiled statutes, and If more than 10 per cent has teen contracted for or received, the penal ties Imposed by that chapter for contract ing and re:elvlng usury should be en forced. In a prior decision the court held the act of 1S91 to be constitutional In ex empting domestic associations from the penalties of usury. What appears to be the most Important question now before our supreme court is from Douglas county and which Involves mortgages made under the original homestead act of 1673. The holding In the lower court In that case was HouiimoTtr tfaj Be Held Responsible far Little Electrocution, that the old law was unconstitutional for j n IV Ds-DVPU 1C IVVHT VP" H the reason that the title did not embrace.il, Hi DnlulUJU J.J lllULLiU all matters contained In the act A de cision In this case Is expected before many months. Prior to tho meeting n number of dele gates, In a body, called on members of the State Banking departmeat and Its secre tary, E. Royse. The latter attended both sessions of the league and expressed his purpose of heartily co-operating in the work. It was the purpose of the state board, he said, to encourage home associ ations, to foster home building co-operation and by strict enforcement of the law to secure to members the protection the law intend to give. Any foreign association seeking to do business In Nebraska would be required to comply with both the letter and the spirit of the law. COVVUMAMTIKS. CITY PROSECUTOR SWEARS OUT COMPLAINT Ilurnuiu, It la Aliened, la Onllty df Violating nn Ordinance IleliltUe to Klectrlc Wlren. PHnro ttonrv nf Orleans, son of the D'JC df Chartres. who served in the civil war on the etaff of General McClellan, Is on his way to this country oy way oi japan aiicr n miir in th. rnst nnd it Is current rumor in France that his object In coming here is to secure an American Driae. Father Srnllv nf St. Mary's parish, UOS- tnn in!rtnln ileen-roOted dislike for lay bachelors and" on occasion has preached at them. Now he has gono a utep luruier ri mi nnnnim ihnf in future unmarried men between 25 and 35 in his parish must ing a large two-story house along Twenty- City Prosecutor B. F. Thomas Saturday filed a complaint against H. W. Barnum, housemover, charging him with negligence of duty and violation of city ordinance. If Barnum is found guilty of the charge preferred against him the responsibility of the death of Owen H. Little will be fastersd upon him. Little was an employe of 'he housemover. Early Friday morning he was electrocuted while attempting to thrust aside a live electric wire In order to permit the moving of a house under the obstruc tion. Little and a gang of workmen had bem working during the night Thursday in miv i i i i v t, nven a w w ... ' i i 'n o w pay $23 annually to some chanty. Hetwt'en ourth street. By 4 o'clock In the xnorn'ng &ft&VW the house to the corner of escape, as no wom,n would care to marry tnem tnen. A curlou" marriage was recently cele- urateil nt CirocholetS. in i.omnu, untie u Twenty-fourth and Dodge streets. There !t encountered the electric light wires uti could be moved no farther. Little climbed to the roof of the house, grasped hold of was dead, Ordlnnncp Cover Cnoe, There Is a city ordinance which provides urateu at iirocnoieis. m "'i,' . I to the root of tne nouse, praspcu aom o; E0.!" J V2e JJE2 J?!.? '1, thi ssSitlM wires and called to the men that ovo.-y guests Invited to the wedding were eleven I thing was all right. In another ln3tant Ho sons of the bridegroom by former mar- i ur0pped nke a log and when the other granacniwren, tnirty-nine greai k""" dren. twenty-one children of the fourth generation and four of the fifth. v i V. .AcLlaa In Ml o u-nBt. r.nr, t iL,A rnnntv. North Dakota. , that any housemover who has occasion to was awaKenen oy a ouns cuuuio uw uum i move a structure unuerneain eieciric ngni olS rhewlrealnwmfng tlce nrose. and. upon examining the license, companies owning the wires In writing found that It had been Issued In Stark twelve hours previous to the time of the fffl?!"" li1.?.?0-. I movlnp. It is tho duty of the companies sistent that he 'decided to drtvi to the 1 so notified to arrange the wires so they will county line. and. while they sat In the j not be an obstruction buggy In Stark county, tie pronounced the An lnvestlgatlon of the matter by City marriage ceremony to them in Morton progecutQr Thoma8 revcaled lhe fact that Rumors current In the southern colony In Barnum had given no notice to the electric New York City have to do with the atten- ' ught company of bis Intention to move the tlons of Lieutenant Ulchmona llobson of b fl D wlres at Twenty-fourth md aVr streets. The ilne provided for engagement will soon be announced. Miss . tlon of this ordinance Is from i2o to $100. Graves Is accounted the most beautiful , .j,l3 cabe however, the fine will be an woman In Birmingham There are those I ln .... narnum Is enthJslastle enough to ay she Is the most inconsequential matter in case uarnum la beautiful woman In Alabama. Others aro : found guilty. If It Is proven that through extravagant enough to rate her the most i negligence death came to one of his em- ueautliui woman in tne souin. ui meae me ..,. fmtnrinHnn will in laid fnr a gallant naval constructor Is one. She is Ployes the foundation wni be laid for a slender and not tall Her beauty Is In her i suit for damages. Little was a man of dark eye full of the alleged poetic tiro of I family, leaving a wife and three children, the south, her abundant hair, bright aw a . " cwnnson will hold an lnniimf tmrni.4h.Hi rh.tm.t her rienr. n Hva com. 1 Coroner bwanson win noio. an inquest plexlon and remarkably regulnr features. Monday ln the case of Little s death, she is a violinist of promise and until re- 1 V. B. Conkiin, uowersvme, u., says: -j received more benefit from Foley's Kidney Cure than from months of treatment by physicians. ITS NAME IS A "HANDICAP Ferry llomt Ovrnrra Apply for Permis sion to Eliminate the Title, "V. J. Ilrnn." The owners of the ferry boat W. J Bryan, plying between South Omaha and the east side of the Missouri river, have ap plied to Commodore Wing B. Allen of the collector of customs office for permission to change its name, giving as a reason the fact that the cognomen has lost the signifi cance It bad at the time it was bestowed a year ago. The commodore turned to the nautical laws on the subject and found that per mission could not be granted. Five years must elapse, says the authority, after the christening of a craft before the name cm be changed. Despite this hardship the owners will continue to operate tho boat. JONH M. THURSTON AT HOME Acconipnttlril h' Mra. Thornton, the Kx-Scnntor Tnrrlea Ilrleily In the City. Ex-Senator John M. Thurston and wife arrived yesterday from St. Louis, where they have been spending several days, and are now at the Her Grand. They will re main In Omaha until tonight, when they will start on their return trip to Washington. The senator expects to be In San Francisco by the middle of May, where he Is to appear as counsel ln a law suit. Senator Thurston Is one of tho govern ment commissioners of the Louisiana Pur chase exposition, to be held In St. Louts ln 1S03, and is enthusiastic over Its pros pects. "It looks as It It would be the great est exposition ln the history of tho world." said be. "More money Is available before the work is commenced than was ever ap propriated for any other exposition. The local company has considerably more than $5,000,000 In stock subscriptions; tho clt'y of St. Louis has appropriated $3,000,000, and the general government has appropriated $5,000,000. This makes something more than $15,000,000 as an absolute donation. "Besides Its $3,000,000 appropriation the government has donated an additional $230,000 tor a government exhibit; the state of Missouri has given a large sum for a state exhibit: tho lower house of the Illinois legltlaturo has appropriated $250,000, and the Kansas legislature has advanced $100. -000. Other states have or will mako appro priations before their legislatures adjourn All this Is on a much larger scale than was done for the World's fair." Senator and Mrs. Thurston will mako their headquarters at the Her Grand during their stay In the city, as their home at Twenty-fourth and Farnam streets Is under going repairs. BABY TAKES STROLL BY NIGHT cently had plans for a professional career The bride-elect of Major General Corbln Is the third of the five daughters of the late Mrs. John Patten. She was born In California, and educated In the Convent of the Sacred Heart, In Paris, where she and her sisters were placed on the death of her father, who was one of the successful pioneer gold miners of the Pacific coast. The family returned to Washington some ten or twelve years ago, when Mrs. Putten built their present home. Massachusetts avenue. Miss Edyth Patten Is an accom plished linguist, speaking French with more ease than English; is a good whip nnd horsewoman, and an nmateur golf player. The tlrat high nuptial mass ever per formed within the walls of a cloister ln the United State vrna celebrated last Wednes day on the occasion of the wedding of Mls.i May Matilda O'ltytn of Silling, Quebec, at the convent of thu I'rsillnes at Bedford Park. New York. 7'he bride, a very beauti ful brunette. Is a member of one of the most prominent families In the province of Quebec and an heiress in her own right. She has for seven.l months been staying with her sister, Mother St. Michael, at lhe convent at Hedfovd Park, The groom Is Dr Oustava Arthur Taschereati of St Fer dinand, Canada. He la a nephew of the late Cardinal Taachereau of Canada. Trro-Yeur-Old Child Wnmlera Con-tcntedlj- AIoiik CreeU While .VelRliliiirhoixl In I)l(i noted. Two little daughters of Charles Larson, Forty-sixth street and Lafayctto avenue, wandered awa- from home Friday even ing about 7 o'clock. The older of the two children was found on a neighbor's porch an hour later. The younger, a little tot 2 years old, could not be found. All the neighbors were enlisted ln the search for tho missing child. With the aid of torcbos and lanterns the search was continued far into the night. The parents were distracted. They thought that the littlo one had fallen Into Saddle creek and drowned. Shortly before midnight sho was found walking leisurely along the bank of the creek about a milo north of her home. The child was not cry ing and seemed to be enjoying her little excursion Into strange territory. MISS T0BITT GOES ABROAD I'ulillo Iilltrnrlnu l.enres Today for n Tour of Kuropeuii Conn trim. Mis Edith M. Tobltt left at S yesterday afternoon for a visit of three months In England and on tho continent. During the absence of the public librarian tho Institu tion will be left In charge of Mlsa Burstall, ono of her assistants. Miss Tobitt will reach New York by way of St. Louis and Cincinnati and will sail on the liner New York next Wednesday, She will spend a month with relatives ln tho south of Eng land, and will then proceed to Paris, where cho will Join friends. Uk WHEN A B YOU fl W FEEL DULL Tired, nsuseited and low srliltti, the michlntry of the tody Is cloud up somewhere. You should take a few doses ol PRICKLY ASH BITTERS It Is a thorough system clesnser and will nike you feel bright, vigorous and cheerful. OLD AT DRUCCISTf. Irlc, M0. I 41 JULUS SlIOUTKtrr TU ST. LOUIS, TheSt Louis CannonBall Leaves Union Etatlon dally 1: 11 p. m. Arrives ln St. Louis 7.00 o. is us mili;s sikihtj;st TO UL'INCY. TheQuincy Express Leaves Union Station dally at 7:00 a. m Trains leave dally for St. Louis, Kam s City, Qulncy And all points East or So: Tickets to all points In Europe via -lines. Call at O. r Ct. L. city offlcs, m Farnam Street, Paxton Ilotol Blk., or v Harry E. Moores, C P. T. A.. Omaha HBBBBBBat SaaSrBIBBBBBaflnrSIBaBBBBBBBBBBBBBB, Are You Deaf?? All m of PKAFNKSB or HAROHKARINQ IMS as ssitivuSa & Itosemont, Neb., Nov, B, 13. Dear Sir: I can now bond you tho pleas ant news of my complete euro, I havo pur posely waltid so long In order to fu,ly con vlnco myself that It is not merely tempi r (try, but permanent. I was almost it .if. und thanks to your cxre,cnt treatment I waa cured In 9 weeks, nt.d I can racoir,. mend your remedies hui..y to suffori.n humanity. I thai! tako pleasuro In rmommendlnj you whenovcr and wherever an opnortu. nlty presents Itself, und remain thankfully yours, ilEHKNO nrtAlER. IloHemont. Neb, lyrsJIl.N.VTIO.NAI, AIIIA1, CM.MC, CUU La bulla Ac Dopt, U10, Clileugo,